Hong Kong Customs cracks down on syndicate accused of $2.5b money laundering

Six persons were arrested in the operation named “Shadow Hunter II”.

Hong Kong Customs has arrested six persons involved in a syndicate that has laundered some $2.5b through the special administrative region.

The persons, arrested between 15 and 19 April, included five men and one woman aged between 23 and 50.

They suspects were seized for “dealing with property known or reasonably believed to represent proceeds of an indictable offence (commonly known as money laundering),” Hong Kong Customs said.

The operations started upon receipt of intelligence about the suspected money laundering syndicate last year.

In its initial investigations, Customs officers found the six arrested opened about 60 personal bank accounts at various banks in Hong Kong. They have also made over 2,600 suspicious transactions, amounting to $2.5b between January 2018 and February 2020.

Hong Kong Customs added that four of those arrested were core members of the syndicate. The two others were suspected to have been recruited.

Investigation is still ongoing, Customs said, noting further arrests are not ruled out.

“Customs stresses that those using personal bank accounts to deal with money from unknown sources, regardless of whether monetary reward is involved, may risk committing the crime of money laundering,” the government warned.

Under the Organized and Serious Crimes Ordinance, persons involved in money laundering may face a fine worth up to $5m and jail time of up to 14 years.
 

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Unemployment rate rises to 5.4% from February to April
The total number of unemployed people stands at 206,100.   The unemployment rate rose by 0.4 percentage points to 5.4%  from February to April, when compared to the January to March period.    Based on the data from the Census & Statistics Department (C&SD), the total number of unemployed people from February to April was 206,100, an increase of 17,600 from the preceding three-month period.   Meanwhile, the number of unemployed rose by around 25,000 to 142,000, translating to a rate of 3.8%.   With the increase in the number of jobless and underemployed individuals, total employment dropped to 3,559,200, whilst the labour force fell to 3,765,300.   The deterioration of Hong Kong’s labour market however should see an improvement in the coming months, according to Secretary for Labour & Welfare, Dr Law Chi-kwong.   The receding local epidemic situation and progressive relaxation of social distancing measures, the new round of Consumption Voucher Scheme, and Other relief measures including the 2022 Employment Support Scheme should help drive improvement in the employment sentiment, said the C&SD.  
Economy